Insurance contracts have conditions that dictate what you the policyholder is responsbile for in the event of a claim. These conditions vary by policy so I will generalize to some degree. The important thing is that you know they exist. Knowledge is power and it helps to demystify some of the claim process especailly if you have little experience with insurance claims.
The first on the list is prompt notice of the claim to your insurance company. When you notify an agent you have in essence notified the company. In our experience property claims can be discussed prior to a formal report being made to the insurance carrier in terms of how much damage has been sustained in relation to a deductible. We also help if a client has a prior claim history to discuss the potential of a new claim causing an issue with pricing or renewability. Liability claims and property claims that are not clear as to coverage will be reported as it is our obligation to the insurance company.
Protect property from further damage is another condition to which you should pay attention. If you have a property claim (auto or home) take steps to protect your property and keep records of the money you spent to do it. Insurance companies will typically reimburse for those expenses but if you take no steps to protect the property you could run into problems with your settlement.
Cooperate with the insurance company in the investigation of your claim. Sounds pretty straight forward but we have had claims closed with no payment just because the consumer did not cooperate with the company.
The “often as we reasonably require” condition which lists items such as medical exams, ability of claims personnel to view your property, examinations under oath and access to pertinent records.
Submission of a proof of losswhich essentially sets forth your version of the claim. This proof of loss should note the time and date of the loss. The insurable interests involved and any other insurance that may be in effect. Estimates, reciepts and an inventory of items (property loss) will be part of this submission. Getting this done accurately and timely speeds up the payment process so make the time to complete this document.
While I have generalized these conditions will be found in most insurance contracts. If you have a claim with our agency we will walk you through the process and check in on a regular basis to be sure there is no confusion. Knowing these conditions will better prepare you and increase the likelihood of a satisfactory settlement.